Author Question: When total revenue reaches its peak (elasticity equals 1), marginal revenue reaches A) 1. B) ... (Read 115 times)

craiczarry

  • Hero Member
  • *****
  • Posts: 527
When total revenue reaches its peak (elasticity equals 1), marginal revenue reaches
 
  A) 1.
  B) zero.
  C) -1.
  D) Cannot be determined from the information provided

Question 2

The above figure shows the market for crude oil. If the oil exploration firms convince the government to set a minimum price of 4 per barrel, then
 
  A) 100 barrels of crude oil will be sold at 4.
  B) zero barrels of crude oil will be sold.
  C) zero barrels of crude oil will be demanded.
  D) None of the above.



jamesnevil303

  • Sr. Member
  • ****
  • Posts: 337
Answer to Question 1

B

Answer to Question 2

A



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Alcohol acts as a diuretic. Eight ounces of water is needed to metabolize just 1 ounce of alcohol.

Did you know?

GI conditions that will keep you out of the U.S. armed services include ulcers, varices, fistulas, esophagitis, gastritis, congenital abnormalities, inflammatory bowel disease, enteritis, colitis, proctitis, duodenal diverticula, malabsorption syndromes, hepatitis, cirrhosis, cysts, abscesses, pancreatitis, polyps, certain hemorrhoids, splenomegaly, hernias, recent abdominal surgery, GI bypass or stomach stapling, and artificial GI openings.

Did you know?

Walt Disney helped combat malaria by making an animated film in 1943 called The Winged Scourge. This short film starred the seven dwarfs and taught children that mosquitos transmit malaria, which is a very bad disease. It advocated the killing of mosquitos to stop the disease.

Did you know?

People who have myopia, or nearsightedness, are not able to see objects at a distance but only up close. It occurs when the cornea is either curved too steeply, the eye is too long, or both. This condition is progressive and worsens with time. More than 100 million people in the United States are nearsighted, but only 20% of those are born with the condition. Diet, eye exercise, drug therapy, and corrective lenses can all help manage nearsightedness.

Did you know?

The most common childhood diseases include croup, chickenpox, ear infections, flu, pneumonia, ringworm, respiratory syncytial virus, scabies, head lice, and asthma.

For a complete list of videos, visit our video library